Last year, Ron Dennis was forced to relinquish his duties as CEO of McLaren Technologies and McLaren Automotive, but he remained a non-executive chairman and a major shareholder. Today, McLaren announced that Dennis has sold his stakes in the two companies, and that a new holding company, the McLaren Group, has been formed to combine the two.

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The Bahrain Mumtalakat Holding Company and the TAG Group, which is chaired by Dennis' former business partner Mansour Ojeh, will retain their status as majority shareholders in McLaren. Shaikh Mohammed bin Essa Al Khalifa, the CEO of the Bahrain Economic Development board, will become the executive chairman of the McLaren Group.

Dennis, who turned 70 this month, is stepping down so he can focus on his entrepreneurial and philanthropic work.

"I am very pleased to have reached agreement with my fellow McLaren shareholders," Dennis said in a statement. "It represents a fitting end to my time at McLaren, and will enable me to focus on my other interests. I have always said that my 37 years at Woking should be considered as a chapter in the McLaren book, and I wish McLaren every success as it takes the story forward."

Truly, this is the end of an era. Dennis first took over McLaren in 1980, transforming it into one of the successful Formula 1 teams of all time. He also played a huge role in both the creation of the McLaren F1 road car, and the launch McLaren Automotive in 2010.

Dennis is a well-known perfectionist, and his ethos is reflected in all facets of McLaren's business. He's a towering figure in the world of motorsport, and in high-performance road cars. Bruce McLaren might have started this company, but it wouldn't be what it is today without Ron Dennis.

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